Laos Meets Many Fields About Anti Money Laundering

(KPL) Members of theNational Coordination Committee on Money Laundering and Combating the Financing of Terrorismmet in Vientiane March 1 to conclude its successful work over the past year.

Over the year 2016, the committee improved the loop-gap to prevent money laundering and met many accomplishments, especially an amendment of a law on anti-money laundering at the end of 2016. As a result, Lao PDR will be removed from the group of countries constantly monitored for money laundering and funding of terrorism by the end of 2017.

The meeting was held in Vientiane Capital last week and was chaired by Deputy Prime Minister Mr Somdy Douangdy.

Participants of the meeting summarized the progress of the implementation work based on responsibilities and roles, the resolutions of the 4th ordinary session of the National Coordination Committeeon Money Laundering and Combating the Financing of Terrorism.

In recent years, Laos has made significant efforts to combating money laundering and the financing of terrorism in order to comply with international standards as well as the 40 recommendations of the Global Programme against Money-Laundering, Proceeds of Crime and the Financing of Terrorism, particularly 16 recommendations, Mr Somdy said.

Following the resolutions of the 4th ordinary session of the National Coordination Committee, Laos has actively implemented measures to prevent money laundering and the financing of terrorism according to the recommendations of Bank of Lao PDR.

The committee has addressed the shortcomings according to the recommendations of theInternationalAnti-money Laundering Committee and the results of a recently conducted evaluation suggest that the Lao PDR has made progress and achievements in various areas including the making of legal instruments to support anti-money laundering efforts.